Universal Life Insurance

Universal life insurance options available nationwide from our office in Coral Springs, FL

What is a universal life insurance policy? It is a type of permanent life insurance where a portion of the premiums paid to the insurance company accrues interest, wherein you may accumulate cash value after a certain period of time. Our team in Coral Springs is highly knowledgeable regarding the merits of universal life insurance. Feel free to call and ask if you have any questions!

Advantages of a universal life insurance policy

One of the primary benefits of choosing a universal life insurance policy is that the death benefit remains the same until age 100 or 120, depending on the insurance carrier, and the premiums are level throughout the years of the policy.

Another great advantage of a universal life insurance policy is that it protects your insurability. Because it is a type of permanent life insurance, you do not have to reapply for the same coverage unless you are increasing the death benefit. And, as you may know, rates for life insurance are determined based on the applicant’s health status and age.

Take a look at this example:

A young male, 30 years old: $200,000 of universal life coverage will cost him somewhere around $93.33 each month for the rest of his life. Even when he gets to age 69, he will pay the same premium.

A male, 69 years old: $200,000 of universal life coverage will cost him somewhere around $686.66 each month for the rest of his life. Why this huge difference? The male that is 30 years old is at a low risk in comparison to a male who is 69 years old.

It is recommended that you have at least one universal life insurance policy in your insurance portfolio, because when the other coverage expires, your universal policy will still be in effect and you will be paying the same premiums as when you started with the coverage. If you would like more information about the benefits resulting from early adoption of universal life insurance policies, contact a representative at our Coral Springs, FL office at 888-282-3650!